Shaare Zion Congregation pays $5.6M for fifth contiguous parcel in Gravesend

The Sephardic Shaare Zion Congregation paid $5.6 million for the two-unit building (B1) at 2046 Ocean Parkway in Gravesend, Brooklyn. The expected use is ground up development and owner-occupied.
With this purchase, the congregation now owns five contiguous properties directly south of the Shaare Zion Congregation temple, from 2054 to 2040 Ocean Parkway. They bought the first of the five on November 23, 2022.
The deal closed on June 16, 2025 and was recorded on June 17, 2025. The property has 2,736 square feet of built space and 2,020 square feet of additional air rights for a total buildable of 4,766 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,046 and the price per buildable square foot is $1,174 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on September 23, 2021, for $2.9 million. The signatory for the seller was Salomon Chami. The signatory for Shaare Zion Congregation was Elyahu Cohen . The contract date was November 18, 2024. Elyahu Cohen is with Regal Ventures but here is signing for the congregation.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Shaare Zion Congregation purchased two properties in two transactions for a total of $9.7 million and has no record it sold any properties over the past 24 months.
The seller Salomon Chami had not purchased any other properties and had not sold any properties over the same time period.

The property

The building with 2 residential units in Gravesend has 2,736 square feet of built space and 2,020 square feet of additional air rights for a total buildable of 4,766 square feet according to a PincusCo analysis of city data. The parcel has frontage of 29 feet and is 130 feet deep with a total lot size of 3,813 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.1 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of three of the six commercial properties representing 4,900 square feet of the 8,500 square feet. The largest owner is Albert Antebi, followed by Olga Tawil and then Charles Gammal Of Issac C Gammal.
On the tax block, there were seven new building construction projects totaling 23,288 square feet. The largest is a one-unit, 6,484 square-foot residential (R-3) building submitted by Ezra Zaafarani with plans filed April 12, 2017 and it has not been permitted yet. The second largest is a one-unit, 6,484 square-foot residential (R-3) building submitted by Ezra Zaafarani with plans filed October 26, 2021 and permitted July 21, 2023.

The majority, or 100 percent of the 8,500 square feet of built space are mixed-use buildings, with development buildings next occupying 0 percent of the space.

The buyer

The PincusCo database currently indicates that Shaare Zion Congregation owned at least four commercial properties with six residential units in New York City with 10,944 square feet and a city-determined market value of $12.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 75 percent of the 10,944 square feet of built space are B1 properties, with V0 properties next occupying 25 percent of the space. They are all located in Brooklyn.

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